Condensed consolidated balance sheets March 31, December 31, 2025 2024 ASSETS Current assets: Cash $163,896 $220,824 Accounts receivable, net of allowances of $184,344 and $171,444, respectively, and unbilled revenue of $4,786 and $7,845, respectively 974,839 830,261 Prepaid expenses and other current assets 233,632 212,660 Total current assets 1,372,367 1,263,745 Property and equipment, net of accumulated depreciation of $794,507 and $732,804, respectively 723,535 785,238 Goodwill 605,584 605,584 Intangible assets, net of accumulated amortization of $1,604,418 and $1,481,907, respectively 2,835,328 2,957,839 Operating lease right-of-use assets 147,704 174,365 Total assets $5,684,518 $5,786,771 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued liabilities $4,671,179 $4,272,058 Contract liabilities 5,208 25,144 Current portion of loans payable to related parties 370,029 358,557 Current portion of loans payable, net of debt discount of $47,053 and $46,969, respectively 1,575,093 1,297,602 Current portion of convertible debentures, net of debt discount of $129,197 and $58,459, respectively 1,967,453 838,192 Warrant liabilities 73,200 80,520 Operating lease liabilities, current portion 113,598 110,856 Current liabilities of discontinued operations 505,782 505,782 Total current liabilities 9,281,542 7,488,711 Loans payable, net of current portion 70,100 78,125 Operating lease liabilities, net of current portion 39,713 69,094 Total liabilities 9,391,355 7,635,930 Commitments and contingencies (Note 14) Series B preferred stock; $3,500 stated value; 1,000 shares authorized; 1,000 issued and outstanding as of March 31, 2025 and December 31, 2024 - - Total mezzanine equity - - Stockholders’ equity (deficit): Common stock; $0.00001 par value; 1,000,000,000 shares authorized; 1,004,605 and 970,319 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 10 10 Series D preferred stock; $10,000 stated value; 1,590 shares authorized; 943 issued and outstanding as of March 31, 2025 and December 31, 2024 7,745,643 7,745,643 Series E preferred stock; $10,000 stated value; 650 shares authorized; 311 issued and outstanding as of March 31, 2025 and December 31, 2024 4,869,434 4,869,434 Series F preferred stock; $1,000 stated value; 120 shares authorized; 90 and 0 issued and outstanding as of March 31, 2025 and December 31, 2024 331,439 - Additional paid-in capital 32,833,510 32,466,050 Accumulated deficit (49,486,873) (46,930,296)Total stockholders’ equity (deficit) (3,706,837) (1,849,159)Total liabilities and stockholders’ equity (deficit) $5,684,518 $5,786,771 About High Wire NetworksHigh Wire Networks, Inc.(OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity.
Condensed consolidated statements of operations(Unaudited) For the three months ended March 31, 2025 2024 Revenue $2,171,626 $2,061,503 Operating expenses: Cost of revenue 1,410,054 1,122,018 Depreciation and amortization 184,214 188,338 Salaries and wages 1,018,609 1,320,219 General and administrative 880,262 958,253 Total operating expenses 3,493,139 3,588,828 Loss from operations (1,321,513) (1,527,325) Other income (expense): Interest expense (160,585) (243,036)Amortization of debt discounts (671,228) (432,934)Warrant expense - (214,737)Gain on change in fair value of warrant liabilities 7,320 241,993 Exchange loss - (14,888)Termination and penalty fee (410,571) (100,000)Total other (expense) (1,235,064) (763,602) Net loss from continuing operations before income taxes (2,556,577) (2,290,927)Provision for income taxes - - Net loss from continuing operations (2,556,577) (2,290,927)Net income from discontinued operations, net of tax - 1,876,489 Net loss attributable to High Wire Networks, Inc.common shareholders $(2,556,577) $(414,438) Income (loss) per share attributable to High Wire Networks, Inc.common shareholders, basic and diluted: Net loss from continuing operations $(2.62) $(2.38)Net income from discontinued operations, net of taxes $- $1.95 Net loss per share $(2.62) $(0.43) Weighted average common shares outstanding basic and diluted 977,270 962,155 High Wire Networks, Inc.
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